Self-Storage Property definition
Examples of Self-Storage Property in a sentence
Any Real Estate owned or acquired by the Borrower or its Subsidiaries and on which such Person is pursuing construction of one or more buildings for use as a Self-Storage Property and for which construction is proceeding to completion without undue delay from permit denial, construction delays or otherwise, all pursuant to the ordinary course of business of the Borrower or its Subsidiaries.
A loan or note, held by the Borrower or a Subsidiary of the Borrower, secured by or serves as a first mortgage on a Self-Storage Property including land properly zoned for the construction of a Self-Storage Property.
Land to be developed as a Self-Storage Property with respect to which the commencement of grading, construction of improvements (other than improvements that are not material and are temporary in nature) or infrastructure has not yet commenced and for which no such work is reasonably scheduled to commence within the following twelve (12) months.
A loan or note, held by the Borrower or a Subsidiary of the Borrower, secured by a first mortgage on a Self-Storage Property including land properly zoned for the construction of a Self-Storage Property, plans for which are sufficiently complete such that construction is expected to begin within six (6) months.